Tax Time Advice

Posted onApril 16, 2018

While the sale of your principal residence has not had any tax implications in the past, 2016’s changes to reporting should be taken seriously. If you don’t report the sale on your income tax return, you could be subject to a fine up to $8,000. While the CRA may reassess your tax returns going back three years; there’s no time limit on how long CRA can wait to reassess you on the sale of your home. For some other considerations on this matter, see the recent article by Rob Carrick in the Globe and Mail’s financial column.